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Applying the Terms
The process of developing, promoting, and distributing goods and services to meet the needs of customers.
The marketing concept is the notion of providing goods and services that customers want or need.
Question How does a company or business know what the consumer wants or needs?
The group of people identified as potential customers
Marketing strategies are directed to that group
Customer profile developed for that group (also called demographics)
Four Basic Marketing Strategies called the Four P’s: Product, Place, Price Promotion
What to make Product features (color,
sizes, etc) Packaging Brand name Warranty What to do with current
products Improvements to
products
Getting the product into the consumer’s hands
Determine how and where a product will be distributed
Global companies must decide in which countries the product will be sold
What transportation methods
Sell directly to the consumer or go through middleman?
What is exchanged for the product- how much will be charged:
Should reflect what customers are willing to payWhat is competition’s priceHow much profit/ mark-up?
Activities related to advertising, personal selling, sales promotion, and publicityHow potential customers will learn about company’s productsWhat will be the message?What media will be used?Are there special offers?What will be the timing of the promotion?
Students divide into teams of 2-3 people
Design a new themed T-shirt for the BWHS school store (may use customink.com to complete design)
Target to launch product Homecoming week
Apply the Marketing Mix to this new product
Create a PPT presentation to present to class
List the 4 P’s of the Marketing Mix
What is the 5th P
List one thing new that you learned today.
Characteristics of a group: IncomeGenderEthnicityGeograhpcisPsychographics
http://www.youtube.com/watch?v=ro4yhp9L6Ok&safety_mode=true&persist_safety_mode=1&safe=active
Process of analyzing and classigying customers in a given market to create smaller, more precise target markets
Marketing functions-categorized into 7 core activities
All lead to the successful marketing They are:Channel Management (distribution)Marketing PlanningMarketing Information ManagementPricingProduct/ Service ManagementPromotionSelling
Also called “DistributionProcess of deciding how product gets
to consumer Includes physically moving and
storing product Includes systems that track products Includes where products/services
sold
Concepts to target specific marketing strategies to target audiences
Includes determining needs, collecting and analyzing data, presenting data and using data for marketing plan
Gather market information about customers, trends and competing products
Also storing and analyzing information
Research is continualExamples: customer surveys
How much to charge for goods and services
Based on costsCompetitionWillingness to PayPrice
Obtaining, developing, maintaining, and improving a product or a
product mixCreate new product Improve productAdd new products to current mix
Effort to inform, persuade, or remind potential customers about products or services
Advertising (paid- commercials, Ads, etc)
Sales Promotion Selling Publicity Direct Mail Internet and Social Media
Direct contact with customerProviding customers with the goods
and services they want Includes: determining need and
responding through planned, personalized communication
Students will work with a partner to complete the following activity:Choose a product or service and research each of the functions of marketing for that
product or service: Channel Management, Financing, Marketing Information Management, Pricing, Product/Service Management, and Promotion. Groups will submit a brief
written explanation, and then will present to the class ONE of the functions- in a 3-5
minute presentation